Pages Navigation Menu

The blog of DataDiggers

Categories Navigation Menu

GM Cruise snags Dropbox HR head to hire at least 1,000 engineers by end of year

Posted by on Mar 11, 2019 in Arden Hoffman, Artificial Intelligence, Automotive, autonomous vehicles, chief technology officer, cloud storage, computing, cruise, Cruise Automation, Dan Ammann, Dropbox, executive, General Motors, Google, honda, Kyle Vogt, Lidar, Personnel, San Francisco, Seattle, Softbank, Software, software engineering, strobe, Transportation | 0 comments

GM Cruise plans to hire hundreds of employees over the next nine months, doubling its engineering staff, TechCrunch has learned. It’s an aggressive move by the autonomous vehicle technology company to double its size as it pushes to deploy a robotaxi service by the end of the year. Arden Hoffman, who helped scale Dropbox, will leave the file-sharing and storage company to head up human resources at Cruise.

The GM subsidiary, which has more than 1,000 employees, is expanding its office space in San Francisco to accommodate the growth. GM Cruise will keep its headquarters at 1201 Bryant Street in San Francisco. The company will also take over Dropbox headquarters at 333 Brannan Street some time this year, a move that will triple Cruise’s office space in San Francisco.

“Arden has made a huge impact on Dropbox over the last four years. She helped build and scale our team and culture to the over 2300 person company we are today, and we‘ll miss her leadership, determination, and sense of humor. While we’re sorry to see her go, we’re excited for her and wish her all the best in this new opportunity to grow the team at Cruise,” a Dropbox spokesperson said in an emailed statement. 

Prior to joining Dropbox, Hoffman was human resources director at Google for three years.

The planned expansion and hiring of Hoffman follows a recent executive reshuffling. GM president Dan Ammann left the automaker in December and became CEO of Cruise. Ammann had been president of GM since 2014, and he was a central figure in the automaker’s 2016 acquisition of Cruise and its integration with GM.

Kyle Vogt,  a Cruise co-founder who was CEO and also unofficially handled the chief technology officer position, is now president and CTO.

Cruise has grown from a small startup with 40 employees to more than 1,000 today at its San Francisco headquarters. It has expanded to Seattle, as well, in pursuit of talent. Cruise announced plans in November to open an office in Seattle and staff it with up to 200 engineers. And with the recent investments by SoftBank and Honda, which has pushed Cruise’s valuation to $14.6 billion, it has the runway to double its staff.

The hunt for qualified people with backgrounds in software engineering, robotics and AI has heated up as companies race to develop and deploy autonomous vehicles. There are more than 60 companies that have permits from the California Department of Motor Vehicles to test autonomous vehicles in the state.

Competition over talent has led to generous, even outrageous, compensation packages and poaching of people with specific skills.

Cruise’s announcement puts more pressure on that ever-tightening pool of talent. Cruise has something that many other autonomous vehicle technology companies don’t — ready amounts of capital. In May, Cruise received a $2.25 billion investment by SoftBank’s vision fund. Honda also committed $2.75 billion as part of an exclusive agreement with GM and Cruise to develop and produce a new kind of autonomous vehicle.

As part of that agreement, Honda will invest $2 billion into the effort over the next 12 years. Honda also is making an immediate and direct equity investment of $750 million into Cruise.

Cruise will likely pursue a dual path of traditional recruitment and acquisitions to hit that 1,000-engineer mark. It’s a strategy Cruise is already pursuing. Last year, Cruise acquired Zippy.ai, which develops robots for last-mile grocery and package delivery, for an undisclosed amount of money. The deal was more of an acqui-hire and did not include any of Zippy’s product or intellectual property. Instead, it seems Cruise was more interested in the skill sets of the co-founders, Gabe Sibley, Alex Flint and Chris Broaddus, and their team.

In 2017, Cruise also acquired Strobe,  a LiDAR sensor maker. At the time, Cruise said Strobe would help it reduce by nearly 100 percent the cost of LiDAR on a per-vehicle basis.


Source: The Tech Crunch

Read More

The next great debate will be about the role of tech in society and government

Posted by on Mar 10, 2019 in articles, Artificial Intelligence, basic income, chief technology officer, Column, economy, Energy, industrial, Lambda School, Obama, online courses, president, quantum computing, social security, United Kingdom, United States | 0 comments

The Industrial Revolution dramatically re-ordered the sociology of politics. In the US, the Populist Party in the United States was founded as a force in opposition to capitalism, wary of modernity. In the UK, the profound economic changes reshaped policy: from the Factory and Workers Act through to the liberal reforms of David Lloyd George, which ultimately laid the ground for the welfare state, the consequences were felt for the whole of the next century.

Today, another far-reaching revolution is underway, which is causing similar ripple effects. Populists of both left and right have risen in prominence and are more successful than their American forebearers at the turn of the 19th century, but similarly rejecting of modernisation. And in their search for scapegoats to sustain their success, tech is now firmly in their firing line.

The risk is that it sets back progress in an area that is yet to truly transform public policy. In the UK at least, the government machine looks little different from how it did when Lloyd George announced the People’s Budget in 1909.

The first politicians who master this tech revolution and shape it for the public goodwill determine what the next century will look like. Rapid developments in technologies such as gene-editing and Artificial Intelligence, as well as the quest for potential ground-breaking leaps forward in nuclear fission and quantum computing, will provoke significant changes to our economies, societies and politics.

Yet, today, very few are even asking the right questions, let alone providing answers. This is why I’m focusing on technology as the biggest single topic that policymakers need to engage with. Through my institute, I’m hoping to help curate the best thinking on these critical issues and devise politically actionable policy and strategy to deal with them. This will help put tech, innovation and investment in research and development at the forefront of the progressive programme. And we do so in the belief that tech is – and will continue to be – a generally positive force for society.

This is not to ignore the problems that surfaced as a result of these changes, because there are genuine issues around privacy and public interest.

NEW YORK, NY – APRIL 23: Monitors show imagery from security cameras seen at the Lower Manhattan Security Initiative on April 23, 2013 in New York City. At the counter-terrorism center, police and private security personel monitor more than 4,000 surveillance cameras and license plate readers mounted around the Financial District and surrounding parts of Lower Manhattan. Designed to identify potential threats it is modeled after London’s “Ring of Steel” system. (Photo by John Moore/Getty Images)

The shifts that have and will occur in the labour market as a result of automation will require far more thinking about governments’ role, as those who are likely to bear the brunt of it are those already feeling left behind. Re-training alone will not suffice, and lifelong investment in skills may be required. So too does a Universal Basic Income feel insufficient and a last resort, rather than an active, well-targeted policy solution.

“The first politicians who master this tech revolution and shape it for the public goodwill determine what the next century will look like.”

But pessimism is a poor guide to the future. It ends in conservativism in one form or another, whether that is simple statism, protectionism or nationalism. And so the challenge for those us of who believe in this agenda of harnessing the opportunities, while mitigating its risks is to put this in a way that connects with people’s lives. This should be a New Deal or People’s Budget type moment; a seismic change in public policy as we pivot to the future.

At the highest level this is about the role of the state in the 21st century, which needs to move away from ideological debates over size and spend and towards how it is re-ordered to meet the demands of people today. In the US, President Obama made some big strides with the role of the Chief Technology Officer, but it will require a whole rethinking of government’s modus operandi, so that it is able to keep up with the pace of change around it.

Photo courtesy of Shutterstock/Kheng Guan Toh

Across all the key policy areas we should be asking: how can tech be used to enable people to live their lives as they choose, increase their quality of life and deliver more opportunities to flourish and succeed?

For example, in education it will include looking at new models of teaching. Online courses have raised the possibility of changing the business of learning, while AI may be able to change the nature of teaching, providing more personalised platforms and free teachers to spend their time more effectively. It could also include new models of funding, such as the Lambda School, which present exciting possibilities for the future.

Similarly with health, the use of technology in diagnostics is well-documented. But it can be transformative in how we deploy our resources, whether that is freeing up more front-line staff to give them more time with patients, or even in how the whole model currently works. As it stands a huge amount of costs go on the last days of life and on the elderly. But far more focus should go on prevention and monitoring, so that people can lead longer lives, have less anxiety about ill health and lower the risks of illnesses becoming far more serious than they need to be. Technology, which can often feel so intangible, can be revolutionary in this regard.

In infrastructure and transport too, there are potentially huge benefits. Whether this is new and more efficient forms of transport or how we design our public space so that it works better for citizens. This will necessitate large projects to better connect communities, but also focus on small and simple solutions to everyday concerns that people have about their day to day lives, such as using sensors to collect data and improve services improve every day standard of living. The Boston Major’s office has been at the frontier of such thinking, and more thought must go into how we use data to improve tax, welfare, energy and the public good.

Achieving this will better align government with the pace of change that has been happening in society. As it stands, the two are out of sync and unless government catches up, the belief and trust in institutions to be seen to working for people will continue to fall. Populism thrives in this space. But the responsibility is not solely on politicians. It is not enough for those in the tech world to say they don’t get it.

Those working in the sector must help them to understand and support policy development, rather than allow misunderstandings and mistrust to compound. Because in little more than two decades, the digital revolution has dramatically altered the shape of our economies in society. This can continue, but only if companies work alongside governments to truly deliver the change that so many slogans aspire to.


Source: The Tech Crunch

Read More

Venture investors and startup execs say they don’t need Elizabeth Warren to defend them from big tech

Posted by on Mar 8, 2019 in Amazon, AT&T, ben narasin, chief technology officer, coinbase, Companies, economy, elizabeth warren, entrepreneurship, Facebook, Federal Trade Commission, Google, IBM, kara nortman, Los Angeles, Microsoft, new enterprise associates, Private Equity, Social Media, Startup company, TC, Technology, Technology Development, United States, upfront ventures, us government, venky ganesan, Venture Capital, Walmart, world wide web, zappos | 0 comments

Responding to Elizabeth Warren’s call to regulate and break up some of the nation’s largest technology companies, the venture capitalists that invest in technology companies are advising the presidential hopeful to move slowly and not break anything.

Warren’s plan called for regulators to be appointed to oversee the unwinding of several acquisitions that were critical to the development of the core technology that make Alphabet’s Google and the social media giant Facebook so profitable… and Zappos.

Warren also wanted regulation in place that would block companies making over $25 billion that operate as social media or search platforms or marketplaces from owning companies that also sell services on those marketplaces.

As a whole, venture capitalists viewing the policy were underwhelmed.

“As they say on Broadway, ‘you gotta have a gimmick’ and this is clearly Warren’s,” says Ben Narasin, an investor at one of the nation’s largest investment firms,” New Enterprise Associates, which has $18 billion in assets under management and has invested in consumer companies like Jet, an online and mobile retailer that competed with Amazon and was sold to Walmart for $3.3 billion.

“Decades ago, at the peak of Japanese growth as a technology competitor on the global stage, the US government sought to break up IBM . This is not a new model, and it makes no sense,” says Narasin. “We slow down our country, our economy and our ability to innovate when the government becomes excessively aggressive in efforts to break up technology companies, because they see them through a prior-decades lens, when they are operating in a future decade reality. This too shall pass.”

Balaji Sirinivasan, the chief technology officer of Coinbase, took to Twitter to offer his thoughts on the Warren plan. “If big companies like Google, Facebook and Amazon are prevented from acquiring startups, that actually reduces competition,” Sirinivasan writes.

“There are two separate issues here that are being conflated. One issue is do we need regulation on the full platform companies. And the answer is absolutely,” says Venky Ganesan, the managing director of Menlo Ventures. “These platforms have a huge impact on society at large and they have huge influence.”

But while the platforms need to be regulated, Ganesan says, Senator Warren’s approach is an exercise in overreach.

“That plan is like taking a bazooka to a knife fight. It’s overwhelming and it’s not commensurate with the issues,” Ganesan says. “I don’t think at the end of the day venture capital is worrying about competition from these big platform companies. [And] as the proposal is composed it would create more obstacles rather than less.”

Using Warren’s own example of the antitrust cases that were brought against companies like AT&T and Microsoft, is a good model for how to proceed, Ganesan says. “We want to have the technocrats at the FTC figure out the right way to bring balance.”

Kara Nortman, a partner with the Los Angeles-based firm Upfront Ventures, is also concerned about the potential unforeseen consequences of Warren’s proposals.

“The specifics of the policy as presented strike me as having potentially negative consequences for innovation, These companies are funding massive innovation initiatives in our country. They’re creating jobs and taking risks in areas of technology development where we could potentially fall behind other countries and wind up reducing our quality of life,” Nortman says. “We’re not seeing that innovation or initiative come from the government – or that support for encouraging immigration and by extension embracing the talented foreign entrepreneurs that could develop new technologies and businesses.”

Nortman sees the Warren announcement as an attempt to start a dialogue between government regulators and big technology companies.

“My hope is that this is the beginning of a dialogue that is constructive,” Nortman says. “And since Elizabeth Warren is a thoughtful policymaker this is likely the first salvo toward an engagement with the technology community to work collaboratively on issues that we all want to see solved and that some of us are dedicating our career in venture to help solving.”


Source: The Tech Crunch

Read More

As rocket companies proliferate, new enabling tech emerges as the next wave in the space race

Posted by on Feb 3, 2019 in Alaska, Amazon, Andy Jassy, Blue Origin, broadband, California, chief technology officer, cloud services, high speed internet, ICEYE, Infostellar, Kymeta, Lockheed Martin, London, OneWeb, outer space, Rocket Lab, satellite, satellite imagery, satellogic, Seraphim Capital, spacecraft, spaceflight, SpaceX, starlink, TC, Tesseract, United States | 0 comments

Blue Origin, Rocket Lab, Relativity Space, Slingshot Aeropsace, SpaceX and Virgin Orbit have raised billions of dollars to create new vehicles to launch payloads into space, but as the private space industry develops in the U.S. investors are beginning to back enabling technologies boost the next wave of innovation.

Whether it’s satellite manufacturers, new propulsion systems for satellites, antennae for data transmission or actually building out the networks themselves, the new space race will be building the next generation of services that the increasing access to space provides.

Last year, investors put at least $2.3 billion into companies angling for their own corner of outer space.

By 2040, Morgan Stanley estimates that the space economy to be worth more than $1 trillion in 2040 — as well as for SpaceX to double, or even quintuple, its valuation — “are significantly tied to the developments related to satellite broadband.”

For the moment, the next wave is still focused on terrestrial applications.

Already, landmark deals are being signed to provide new space-based internet networking services like the agreement between the startup company Astranis and Pacific Dataport to provide high-speed, lower-cost broadband services to Alaska.

With only around $14 million in financing, Astranis has managed to sign its first deal to provide high speed internet to Alaskans by 2020, while OneWeb (which has raised over $1.7 billion) expects its networks to come online by 2022. SpaceX will launch the first Starlink satellites this year, with service coming online in the following years.

Astranis’ decision to work directly with a single customer rather than deploying a massive network points to the fact that companies can start generating real revenues relatively quickly — without the need for global ambitions off the bat.

Indeed, some space investors note that there are significant questions that remain unanswered for both SpaceX and OneWeb .

In a blog post earlier this month, Josephine Millward, the head of research at London-based space investment firm Seraphim Capital wrote:

After years of development, OneWeb and SpaceX will begin to deploy their Low Earth Orbit (LEO) mega-constellations in 2019, albeit their full constellation targets will take several more years. Both are planning global coverage to provide internet broadband to the billions of unconnected. Crucially both still need to define their “go-to-market” strategy and solve the ground segment element of their proposition ahead of commercial roll-out.

Astranis’ satellite-based service is expected to triple the amount of capacity that’s available to Alaskans for internet services and, with a price tag worth tens of millions of dollars, represents the largest contract signed by an early stage startup in the space business to date.

But networking services aren’t the only space-based applications that will gain additional traction in 2019. Using satellite imagery for data analysis, already a big pitch from companies like Satellogic and Planet — and newer companies like Capella Space and Iceye — is an industry that will come into its own, according to Seraphim Capital’s Chief Executive Mark Boggett. Meanwhile, companies like Cloud Constellation are pitching satellite-based data storage as inherently safer than their earthbound cloud computing counterparts.

“These satellite networks are now in place and they’re gathering massive amounts of data,”  says Boggett. “What we’re going to start seeing is companies start using this data.”

Boggett says stay tuned for big fundraising rounds across the board, not only in the satellite networks themselves, but in the services that enable them to refine their data collection techniques and increase the efficiency and power of their transmission capabilities.

These would be what Boggett calls “downlinking” companies and companies that manage satellite mobility in space. Startups like Kymeta, Bridgesat, Ansur, RBC Signals and the Japanese startup Infostellar are all focused on downlinking — taking data from satellites and transmitting it to receivers on earth so the information can be used effectively, or optimizing data collection and transmissions in space.

It’s a market that’s attracted the attention of one of the largest tech companies in the world — Amazon . Viewing the data collection business as an extension of its cloud services, late last year Amazon partnered with Lockheed Martin to announce a base station as a service business called Amazon Base Station (no one accused them of being branding geniuses).

“Customers said that we have so much data in space with so many applications that want to use that data. Why don’t you make it easier,” said Amazon Web Services’ chief executive, Andy Jassy, at the time of the new service’s launch.

Propulsion technologies for satellites once they’re in space are another potential area for increased investment in 2019, according to investors.

Companies like Momentus, which raised $8.3 million in November; Tesseract, a European startup developing propulsion technologies; and Phase Four, the El Segundo, Calif.-based developer of a plasma-based propulsion system, are all bringing products to market.

Phase Four, which is in the middle of raising a new round right now, has actually inked its first supply deals with Capella Space and Tyvak, a division of the startup Terran Orbital, for its thrusters.

“It is an infrastructure arms race to get things efficiently built and deployed into space,” says M. Umair Siddiqui, the chief technology officer at Phase Four. “Now the next companies are racing to own who can manufacture the hardware that is going to generate the revenue in space.”

 


Source: The Tech Crunch

Read More

Putting the band back together, ExactTarget execs reunite to launch MetaCX

Posted by on Dec 6, 2018 in alpha, api, business software, chief technology officer, cloud applications, cloud computing, computing, customer relationship management, exacttarget, indianapolis, Kobie Fuller, Los Angeles, Marketing, pilot, president, Salesforce Marketing Cloud, salesforce.com, scott dorsey, software as a service, TC, upfront ventures | 0 comments

Scott McCorkle has spent most of his professional career thinking about business to business software and how to improve it for a company’s customers.

The former President of ExactTarget and later chief executive of Salesforce Marketing Cloud has made billions of dollars building products to help support customer service and now he’s back at it again with his latest venture MetaCX.

Alongside Jake Miller, the former chief engineering lead at Salesforce Marketing Cloud and chief technology officer at ExactTarget, and David Duke, the chief customer officer and another ExactTarget alumnus, McCorkle has raised $14 million to build a white-labeled service that offers a toolkit for monitoring, managing and supporting customers as they use new software tools.

If customers are doing the things i want them to be doing through my product. What is it that they want to achieve and why did they buy my product.

“MetaCX sits above any digital product,” McCorkle says. And its software monitors and manages the full spectrum of the customer relationship with that product. “It is API embeddable and we have a full user experience layer.”

For the company’s customers, MetaCX provides a dashboard that includes outcomes, the collaboration, metrics tracked as part of the relationship and all the metrics around that are part of that engagement layer,” says McCorkle.

The first offerings will be launching in the beginning of 2019, but the company has dozens of customers already using its pilot, McCorkle said.

The Indianapolis -based company is one of the latest spinouts from High Alpha Studio, an accelerator and venture capital studio formed by Scott Dorsey, the former chief executive officer of ExactTarget. As one of a crop of venture investment firms and studios cropping up in the Midwest, High Alpha is something of a bellwether for the viability of the venture model in emerging ecosystems. And, from that respect, the success of the MetaCX round speaks volumes. Especially since the round was led by the Los Angeles-based venture firm Upfront Ventures.

“Our founding team includes world-class engineers, designers and architects who have been building billion-dollar SaaS products for two decades,” said McCorkle, in a statement. “We understand that enterprises often struggle to achieve the business outcomes they expect from SaaS, and the renewal process for SaaS suppliers is often an ambiguous guessing game. Our industry is shifting from a subscription economy to a performance economy, where suppliers and buyers of digital products need to transparently collaborate to achieve outcomes.”

As a result of the investment, Upfront partner Kobie Fuller will be taking a seat on the MetaCX board of directors alongside McCorkle and Dorsey.

“The MetaCX team is building a truly disruptive platform that will inject data-driven transparency, commitment and accountability against promised outcomes between SaaS buyers and vendors,” said Fuller, in a statement. “Having been on the journey with much of this team while shaping the martech industry with ExactTarget, I’m incredibly excited to partner again in building another category-defining business with Scott and his team in Indianapolis.”

 


Source: The Tech Crunch

Read More

The brains behind one of marketing’s biggest hits are out to reshape the industry again… with direct mail

Posted by on Jul 3, 2018 in Advertising Tech, bonfire ventures, chief technology officer, Co-founder, CRM, crosscut ventures, digital marketing, direct marketing, dogvacay, dollar shave club, Los Angeles, Marketing, Online Advertising, online marketing, Postie, spamming, targeted advertising, TC, wishbone | 0 comments

Postie, a new Los Angeles-based startup, has a vision for the future of advertising and marketing — and it’s direct mail.

Founded by some of the men responsible for the biggest hits in online marketing (like the Dollar Shave Club commercial that launched what became a billion-dollar acquisition) think that it’s time to take technology where it’s never gone before — into targeted, direct mail campaigns using the best ad-targeting that money can buy.

Postie uses a combination of online data collection and an on-demand print and mail technology to give its customers turnaround times on print orders in as little as 24 hours, and what the company boasts is the equivalent of online ad-targeting.

Using the service, customers can access demographic, interest and behavioral data of more than 320 million people; can use retargeting to provide direct mail campaigns; and integrate with existing customer relationship management tools.

The company was founded by Dave Fink and Jonathan Neddenriep, two former principals at the startup studio and early-stage investor, Science. At the early-stage investment firm, Fink said he was responsible for marketing activities for companies including Dollar Shave Club, DogVacay, SpringRole, Wishbone and Hello Society over the six years he worked at the company. Neddenriep served as the chief technology officer for Science — a role he’s continuing at Postie.

Where once Fink focused on reaching the widest possible audience with a viral message that could cut through the noise of online advertising, the scale of his messaging is now much smaller, even if the scope of the market he’s trying to capture remains just as vast.

“A highly targeted physical piece of mail, especially in today’s ephemeral world, elicits an emotional response that goes above and beyond what is possible online,” says Fink, in a statement. “It’s now possible to open up a whole new scalable media channel by leveraging the same data driven insights and quantitative approach as digital.”

According to study from the Direct Marketing Association, direct mail campaigns rang up $46 billion from advertisers and companies in 2014, and Fink and his co-founder are hoping that number will climb.

They aren’t the only ones. Postie has raised $3.5 million in seed funding from the Los Angeles-based firms Bonfire Ventures and Crosscut Ventures to expand its business (maybe through direct marketing?).

 


Source: The Tech Crunch

Read More

Hans Vestberg to take over as Verizon’s CEO in August

Posted by on Jun 8, 2018 in ceo, chairman, chief technology officer, Ericsson, hans vestberg, Lowell McAdam, TC, United States, verizon | 0 comments

Verizon today announced CEO Lowell McAdam is stepping down from his post as August 1, 2018, seven years to the day he took the spot. He will stay on as Executive Chairman of the Board through the end of 2018 and as Non-Executive Chairman thereafter.

Hans Vestberg, Chief Technology Officer of Verizon as well as Executive Vice President and President of Global Networks (that’s a long title), will take over as the Chief Executive Officer of the telecom giant who also owns Oath and therefore TechCrunch.

McAdam has led Verizon as its CEO since August 2011 and became Chairman on January 2012. In addition to various mergers and acquisitions in the telecom industry, McAdam acquired AOL in 2015 and Yahoo in 2017 to form a digital media and advertising subsidiary.

Vestberg is relatively new at Verizon. He joined the company a year ago. He was previously the chief executive of Ericsson until he was ousted in July 2016 when he proved ineffective in turning the company around.

Vestberg spent most of his career working for Ericsson. From 1998 to the end of 2009, Vestberg has mostly been the Chief Financial Officer of various Ericsson divisions around the world. He was Ericsson’s CEO from 2010 to 2016. For many years, Ericsson was a key player when it comes to telecommunications infrastructure and equipment. But the company had to face competition from Huawei and other infrastructure companies which led to disappointing performances.

He’ll have a different task at Verizon. Verizon is currently riding high as one of the top telecom companies in the United States but is eager to find new growth opportunities while transitioning to 5G networks. The fact that the CTO is taking over as CEO proves that Verizon cares a lot about 5G. The technology is going to be key to gain a competitive advantage against other telecom companies.

In pre-market trading, Verizon shares (NYSE:VZ) are currently trading down 1.06 percent to $48.48 compared to yesterday’s closing price.

Lowell McAdam published the following message:

V Team,

I have something I’d like to share with you. I’ve been with our company and its predecessors for 35 years, and your Chairman and CEO for the past seven. Today, marks the beginning of an important series of events for Verizon. We are announcing that Hans Vestberg will succeed me as the Chief Executive Officer on August 1st. I will serve as Executive Chairman of the Board through the end of the year, and then continue as Chairman of the Board in a non-Executive capacity starting in 2019.

This is an exciting period for Verizon, and I believe there is no better time for this transition than now. It is my pleasure to hand the reins over to Hans. Hans is a recognized executive in the telecommunications and technology industries, and since joining Verizon in early 2017 he has demonstrated his ability to innovate and execute. I know that he has the right expertise, experience and business acumen to lead us forward and build on our strategy. Importantly, Hans is an inspiring leader, with high energy and a passion for delivering on the core values that truly make Verizon the world leader it is today.

When I look back at the milestones throughout my career, the one that stands out most is Verizon’s transformation into a world-class technology company. Today, Verizon is one of the world’s leading providers of communications, information and entertainment products and services to consumers, businesses and governmental agencies. Our goal has always been to improve lives through innovation. As I think about the power of 5G, I am convinced that this is a significant and pivotal time for Verizon and our entire industry – and now is the time to bring Verizon into its next chapter.

It has truly been a pleasure and a privilege to lead this great company. I am incredibly proud of what we have accomplished together. I look forward to continuing to play a part in its future as Executive Chairman of the Board, and I have tremendous confidence in where Verizon is headed with your support and Hans’s leadership.

Thank you for your dedication to Verizon. And never forget, there’s always a higher gear.

Sincerely,
Lowell


Source: The Tech Crunch

Read More